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Global Healthcare IT Market Size, Share, Trends, COVID-19 impact and Growth Analysis Report – Segmented By Product, End User and Region - Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 8531
Pages: 170
Formats: report pdf report excel report power bi report ppt

Global Healthcare IT Market Size, Growth (2022 to 2027)

As per our analysis report, the global healthcare IT market size has been at USD 153.07 Billion in 2022 and is projected to reach USD 317.90 Billion by 2027, growing at a CAGR of 15.74% during the forecast period. Globally, the Asia Pacific market is the largest of all the regions and is also likely growing the fastest and expected to account for significant healthcare IT market share globally during the forecast period.

Healthcare IT is the technology that supports health information management by securely exchanging health information between consumers, providers, payers, and quality monitors. These systems will providently improve healthcare services and also increase healthcare productivity. For example, it is known that around 94% of the hospitals are using EHR data that leverage the performance of the hospital processes. Simultaneously, 82% of the respondents use EHR data to develop the services, and 81% monitor patient safety.

Artificial intelligence in healthcare is making a significant difference in improving the quality of the services provided. Adopting the IoT in every corner of the world is also setting growth opportunities for healthcare IT. Since the IoT things were introduced, 30.3% are being used to date.

2020 was a hectic year for the healthcare IT market as a pandemic hit in the nations. Many companies have depended on Electronic Health Records to provide treatment services to lower the patients' risk of infections. World Health Organization is also in favor of approving various applications during the COVID 19 pandemic.

MARKET DRIVERS:

The rising number of people suffering from chronic illness and the growing prevalence of cloud-based computing systems, which are very efficient in identifying and detecting diseases, are majorly propelling the global healthcare IT market growth.

The core point of delivering effective care for the patients through Healthcare IT is significantly accelerating the market growth. On-going research and development activities in developing the new technologies for healthcare and initiatives taken by various government and non-government authorities to improve healthcare infrastructures further favor the healthcare IT market. According to the Health Information Technology for Economic and Clinical Health (HITECH) Act, around USD 27 billion is invested in installing EHR in the US. This led to leverage the growth rate of the healthcare IT market to the extent.

Additionally, rapid adoption of the latest technologies in healthcare and introducing an EHR incentive program by the governments will likely boost market demand. Rising funds from public and private organizations and growing support from the IT companies in launching innovative healthcare applications are expected to increase the demand levels for healthcare IT. The trend towards adopting digital healthcare platforms is increasing year by year, which is predicted to fuel market growth. Technological advancements, the growing patient pool population, and an increasing need to curtail the costs of healthcare services are also expanding the market's growth rate.

Furthermore, associated benefits such as the growing need for regulatory compliance management through health informatics solutions, government support for healthcare IT solutions, the increasing need to reduce rising health costs, the high return on investment of HCIT solutions, the growing focus on improving the quality of care and the clinical outcomes of responsible care organizations, and the increasing use of Big Data analytics are driving the IT market in the healthcare sector. Growing population, development of efficient and productive healthcare systems and processes due to technological enhancements, increasing demand for healthcare IT solutions among the public also favor market growth. In addition, changes in policies and regulations due to high requirement of IT services for effective management of the process, reduction of errors in health care, adoption of IT solutions and systems in healthcare can reduce operational costs, and increased focus of private and public organizations in R&D are further supporting the market growth.

MARKET RESTRAINTS:

The factors limiting the growth of the global healthcare IT market are high storage capacity devices and effective software solutions to accommodate massive amounts of data, the potential threat of cybercrimes, and the high requirement of energy leading to rising costs of IT solutions in healthcare.

The high cost of installing and maintaining the devices and less awareness over healthcare services, especially in rural areas, slowly degrades the healthcare IT market. In addition, an increasing number of real-time issues and strict government regulations in approving innovative healthcare techniques impede the market demand. Also, a rise in data security issues coupled with increasing fraudsters limits the market's demand. Besides, privacy concerns are degrading the growth rate of the healthcare IT market. Furthermore, people in rural areas have less network coverage, challenging for market players.

COVID 19 impact on the Healthcare IT market:

The spread of COVID-19 is a boom for the market to grow enormously. The novel coronavirus disease has disrupted every sector but not the digital healthcare platforms. Though the governments imposed a lockdown in almost every country during the first half of 2020, there is a need to continue the essential healthcare services. While healthcare sectors are busy treating the COVID-19 patients worldwide, it is challenging to maintain curative services for children, elders, and people with chronic illnesses. It is a significant challenge for healthcare providers to balance the services provided to coronavirus-affected patients and supply essential healthcare services. In this fight against the COVID-19 pandemic, healthcare IT is crucial in providing effective and efficient healthcare services worldwide. As the healthcare professionals are the frontline warriors in this fight, they are quite busy giving treatment to the number of COVID-19 patients.

The use of healthcare IT technologies made them time to give treatment services to people online. This will also help control the spread of the coronavirus as there is no need to visit the hospitals. World Health Organization has put complete efforts into the development of healthcare IT. To promote safe and high-quality services to the people through online consultancy, WHO took the targeted decisions in developing the applications in favor of the end-users. For many people, the COVID-19 is affected with mild symptoms like fever, cold, and cough, where these people are getting treated at home simply by consulting the doctors online. This will surely help in controlling the spread of disease transmission. Therefore, the global healthcare IT market growth is expected to accelerate with the support of COVID-19 and is predicted to register new growth heights.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By-Products & Services, Component, End-User, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East, and Africa

 

This research report has segmented and sub-segmented the global healthcare IT market based on the products, services, components, end-user, and region.

Healthcare IT Market– By Products & Services:

  • EHR (Electronic Health Record)
  • RIS (Radiology Information Systems)
  • PACS (Picture Archiving and Communication System)
  • VNA (Vendor Neutral Archive)
  • CPOE (Computerized Provider Order Entry)
  • HIE (Healthcare Information Exchange)
  • Telehealth
  • Healthcare Analytics
  • Fraud Management
  • Claims Management

Based on the products and services, the EHR segment was the global healthcare IT market leader in 2020. The increasing adoption of advanced technologies in healthcare is a key factor for the segment to grow. The growing demand for artificial intelligence and cloud-based technologies is sole to gear up the market demand. Growing support for the use of EHR in the developed and developing countries is ascribed to bolster the growth rate of the market.

The telehealth segment is forecasted to perform well during the forecast period due to the increasing incidences of infectious diseases. Growing number of smartphone users is propelling the growth rate of this segment. By 2026, it is estimated that the smartphone penetration rate will be 77.0%. In addition, frequent update in the IT sector is likely to flourish the growth rate of the healthcare IT market.

Healthcare IT Market - By Component:

  • Services
  • Software
  • Hardware

The services segment is estimated to dominate the global healthcare IT market during the forecast period. Implementation of new technologies to provide high-quality treatment services is a positive factor for market growth.

The software and Hardware segment are in the following position are predicted to hold a substantial share in the global HCIT market during the forecast period.

Healthcare IT Market - By End-user:

  • Healthcare Providers
  • Payers
  • Others

The Provider segment is estimated to dominate the global healthcare IT solutions market based on end-user due to the government's initiatives to improve efficiency and control costs of healthcare services and quality care. In addition, the rapid adoption of the new technologies by the healthcare providers and demand to lower human errors are prompting the growth rate of this segment.

Healthcare IT Market - By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • The Middle East and Africa

Regionally, the APAC regional market is predicted to lead the global healthcare IT market during the forecast period. Furthermore, it is likely to expand its contribution in share during the forecast period due to emerging economies of countries like India and China owing to increasing population, growing cases of geriatric and chronic diseases, rise in per capita income, raising awareness of technological advancements, and doubled focus of market players leading to swelling in investments.

The North American healthcare IT market is projected to showcase a significant growth rate during the forecast period. It is expected to persist the trend with rising in CAGR, the factors that are boosting the growth of healthcare IT solutions in this region change in regulations due rise in requirement rate of quality healthcare and safety of patients, growing expenditures in healthcare, availability of IT infrastructure, intensified competition between the key market players in the region.

KEY MARKET PLAYERS:

A few of the noteworthy companies dominating the global healthcare IT market profiled in this report are McKesson Corporation (U.S.), Epic Systems Corporation (U.S.), Cerner Corporation (U.S.), GE Healthcare (U.S.), Philips Healthcare (Netherlands), Athena Health, Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Oracle Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Dell Technologies (U.S.), Optum, Inc. (U.S.), and Infor, Inc. (U.S.).

RECENT HAPPENINGS IN THE HEALTHCARE IT MARKET:

  • Zebra Medical Vision recently developed a new digital platform program or application called "PROFOUND," which can find every sign of possible conditions such as osteoporosis, breast cancer, aortic aneurysms, and many more with an accuracy rate of 90% or above. It uses an algorithm-based analysis of all types of medical reports.
  • A recent study has shown how the enormous data extracted from EMRs at the University of California, recorded in an AI, can help treat a potentially lethal Clostridium difficile (C. diff) infectioMoreover, it strongly showcases the future of how much medical record data mining is going to influence the future of healthcare IT.
  • In August of 2017, Accenture has managed to acquire Herndon Data Analytics Company to expand its presence globally over the market and perform even at a more robust rate.

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FAQ's

How much is the global healthcare IT market going to be worth by 2027?

As per our research report, the global healthcare IT market size is expected to value USD 318 billion by 2027.

Does this report include the impact of COVID-19 on the healthcare IT market?

Yes, we have studied and included the COVID-19 impact on the global healthcare IT market in this report.

Which segment by component is predicted to play the leading role in the healthcare IT market?

Based on component, the services segment is predicted to occupy the leading share of the global healthcare IT market during the forecast period.

Which are the significant players operating in the healthcare IT market?

McKesson Corporation (U.S.), Epic Systems Corporation (U.S.), Cerner Corporation (U.S.), GE Healthcare (U.S.), Philips Healthcare (Netherlands), Athena Health, Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Oracle Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Dell Technologies (U.S.), Optum, Inc. (U.S.), and Infor, Inc. (U.S.) are some of the prominent companies in the global healthcare IT market.

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